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Trust and Will

<p>Trust</p>

Trust

There are two types of trusts: 

  • Revocable- This is a living trust which is created while you are alive and funded with the assets you choose to transfer into it. You have full control over the assets. 
  • Irrevocable- The irrevocable life insurance trust is made by you during your lifetime. This trust owns a life insurance policy on the individual's life by a transfer of ownership of an existing policy or through annual contributions. You forfeit all rights to the property contained in the trust.
<p>Will</p>

Will

A will is extremely important in order to protect your assets and other important factors of your life. It is important to get help when writing a will, as it will end up costing you more if you make mistakes. Avoid these common mistakes: 

  • Ignoring state law differences
  • Not revoking an earlier will
  • Assumptions
  • Vagueness